Examples of Priority Obligation in a sentence
This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the First Priority Obligation Payment Date shall have occurred.
For the purpose of clause 6.7.1(b)(iv)(B), Aurizon Network does not make a choice to allocate Available Capacity in a particular way where Aurizon Network’s allocation is necessary for compliance with any Law (including any Passenger Priority Obligation or Preserved Train Path Obligation).
This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the First Priority Obligation Payment Date shall have occurred subject to the reinstatement as expressly set forth herein.
Notwithstanding anything to the contrary herein, the fees, expenses and indemnities owing to U.S. Bank, National Association as Collateral Agent, by any Loan Party, shall not be subordinated to any First Priority Obligation.
Each prepayment under this clause (g) shall be made within 90 days following the end of each applicable fiscal year of Holdings; provided, however, that no prepayment shall be required under this clause (g) if, after compliance with any prepayment obligation in any Priority Obligation, any Priority Obligations remain outstanding on the date on which such prepayment would otherwise be required.
This Agreement shall continue to be effective, and shall not be revocable by any party hereto, until the First Priority Obligations Payment Date and the Second Priority Obligation Payment Date shall have occurred.
Each Guarantor further agrees that its guaranty hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any Second Priority Obligation is rescinded or must otherwise be restored by the Administrative Agent, any Lender or any other Second Priority Secured Party upon the bankruptcy or reorganization of the Borrower or a Guarantor, or otherwise.
Any Secured Party may purchase Second Priority Collateral at any public sale of such Second Priority Collateral and, with the consent of the Requisite Second Priority Holders and if permitted by the Second Priority Documents governing such Second Priority Obligation and by applicable law, may make payment on account of such purchase by using any Second Priority Obligation then due and payable to such Secured Party as a credit (up to the amount of such Second Priority Obligation) against the purchase price.
For the purpose of clause 6.5.1(b)(iii)(B), Aurizon Network does not make a choice to allocate Available Capacity in a particular way where Aurizon Network’s allocation is necessary for compliance with any Law (including any Passenger Priority Obligation or Preserved Train Path Obligation).
Any subordination agreement must preserve the affordability requirements herein in the event of a default on the Deed of Trust securing a Priority Obligation, it being expressly understood and agreed by Owner that state law requires preservation of affordability covenants in connection with the approval of this density bonus project.